Genius Sports, an iGaming company, providing official data, technology, and broadcasting has unveiled its financial highlights for the fiscal Q3 ending on September 30, 2023.
Mark Locke, Co-Founder of Genius Sports, mentioned:
The sustained excellence we achieve underscores the effective implementation of our fundamental strategy. We persist in advancing and disseminating the finest tech throughout the sports ecosystem, fostering success for our companions and fortifying our enduring strategic standing.
Nick Taylor, CFO of Genius Sports, stated:
Our business is currently at a crucial point, experiencing consistent margin growth in every quarter of the year. The long-term outlook for our model has greatly improved, thanks to updates and extensions in our partnerships.
- Group Revenue reached $102 million, surpassing the Q3 projection of $100 mln and marking a substantial 29% yearly growth.
- Despite a Group Net Loss of ($12 million), the Group Adjusted EBITDA stood at $18 million, surpassing the forecast of $17 million and demonstrating an impressive 131% year-on-year growth.
- The Q3 witnessed a notable improvement in Group Adjusted EBITDA margins, rising by 770 basis points compared to the previous year.
- Reflecting strong performance, the company has raised its 2023 Group Revenue and Adjusted EBITDA guidance for Q3, now set at $412 mln and $53 mln, respectively.
- Furthermore, the company remains steadfast in its expectation of achieving free cash flow in the latter half of 2023.